Little houses draw big interest in mansion-heavy Hamptons market
M&T Bank has loaned $57 million to the Engel Burman Group to build a 225-unit senior housing complex in the hamlet of Mount Sinai, near Brookhaven in Suffolk County, a spokesman for the bank told The Real Deal. The development, known as Sutton Landing, will have 196 villas, 29 duet units, a 9,750-square-foot clubhouse and an outdoor pool. The units are restricted for those 55 and older. The 225-unit complex, which is adjacent to a new Bristal Assisted Living facility, is due to be completed in the summer of 2020. Late last year M&T Bank provided $47.5 million in construction financing for Engel Burman’s Wellbridge Addiction Research and Treatment facility in Calverton. Northwell Health is a partner with Engel Burman on that project. M&T Bank, which is based in Buffalo, also recently financed the purchase of the Uniondale Marriott, RXR Realty’s Village Square complex in Glen Cove and Terwilliger & Bartone Properties’ various rental projects in Hauppauge, among others. [M&T Bank]
